The financial meltdown of 2008 brought about money struggles for people in a wide variety of situations. People with homes large and small lost them. Costs such as medical bills became overburdening for Americans young and old.
In particular, some older Americans made investments that turned out not to be as safe they were supposed to be. The result is that people who saved for retirement throughout their whole careers are now faced with an uncertain financial future. This situation is in large part the subject of a new novel by a Phoenix-area author who says he and his wife were the victims of a Ponzi scheme.
R.P. McCabe's book "Betrayed" is a fictional account of a retiring couple's financial fallout. While the characters in the novel are fictionalized, the story resembles McCabe's. He and his wife were set to retire in 2008, and they thought they were doing okay with a career's worth of good investments. Unfortunately, that wasn't exactly the case.
McCabe and his wife invested $1 million with two real estate companies in Phoenix. About 700 other investors did the same thing, putting in amounts ranging from $200,000 to millions. One retired investor reportedly lost $16 million.
According to McCabe, when 2008 came to a close, all of the money was gone. In total, the 700 investors lost over $100 million. Civil litigation ensued, but no criminal charges have yet been filed. Those whose investments disappeared claim they were the victims of a Ponzi scheme.
Sadly, McCabe said his personal financial crisis led to the destruction of his marriage. He and his wife had been together for 34 years. The stress of his struggle led to serious psychological problems, and to cope, he decided to interview 200 of the 700 jilted investors. That research serves as the basis of his novel "Betrayed."
Phoenix residents who are having financial difficulties need to know they are not alone. Money problems are a reality for Americans from every walk of life, but there are debt relief options for every situation.
Source: Daily Finance, "Life After a Ponzi Scheme: Victim Turns Million-Dollar Loss into Literature," Michele Lerner, Dec. 4, 2012
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